Market wrap 05/02/2024

The All-share index dipped by -0.73% to settle at 103659.8 points at the close of today’s trading session. Although most stocks closed on a flattish note, weakness in Fidelitybk (-9.38%), MTNN (-5.52%), Transcorp (-4.22%), PZ (-3.98%), Accesscorp (-3.70%), UBA (-2.86%), NB (-2.56%), GTCO (-2.53%) and Zenithbank (-2.03%) among others accounted for the day’s performance.

Nevertheless, positive movement in Geregu (+8.26%), Cadbury (+10.00%), Maybaker (+10.00%), Intbrew (+5.77%), Unilever (+2.56%), and Flourmill (+0.73%) salvaged some valuable points for the day. Turnover was N19.33bln ($16.16mln), supported by block trade FBNH, as well as trades in NB, Geregu and UBA. The year-to-date return on the ASI decreased to 38.63%. We anticipate the same trading pattern in the coming session.

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